Barts Health NHS Trust Finance Department

The Barts Health NHS Trust Finance Department plays a crucial role in ensuring the efficient and effective allocation of resources across one of the largest NHS trusts in the United Kingdom. Responsible for managing a substantial budget, the department supports the delivery of healthcare services to a diverse population in East London, covering five major hospitals: St Bartholomew’s Hospital, The Royal London Hospital, Newham University Hospital, Whipps Cross University Hospital, and Mile End Hospital.

The department’s core functions revolve around financial planning, management accounting, financial accounting, and procurement. Financial planning involves developing long-term financial strategies aligned with the Trust’s strategic objectives. This includes forecasting future income and expenditure, identifying potential risks and opportunities, and developing robust business plans to support service development and improvement.

Management accounting provides timely and relevant financial information to operational managers, enabling them to make informed decisions about resource allocation and service delivery. This includes monitoring performance against budgets, analyzing variances, and providing cost information to support service improvement initiatives. The department provides detailed costings of services to understand true costs and identify areas for efficiency gains. They utilize sophisticated costing methodologies to support the Trust’s overall performance improvement program.

Financial accounting focuses on the accurate recording and reporting of the Trust’s financial transactions. This includes preparing statutory accounts in accordance with relevant accounting standards and regulations, managing the Trust’s cash flow, and ensuring compliance with internal controls. Maintaining robust financial governance is a key priority. The team ensures compliance with national NHS finance policies and regulations, providing assurance to the Trust Board and external stakeholders.

Procurement ensures that the Trust obtains goods and services at the best possible value. This includes managing the procurement process, negotiating contracts with suppliers, and ensuring compliance with procurement regulations. They leverage the collective buying power of the Trust to achieve economies of scale and deliver savings for reinvestment in frontline services. Sustainability is increasingly important within the procurement process, seeking to reduce the environmental impact of the Trust’s activities.

The Barts Health Finance Department is also actively involved in supporting major capital investment projects, ensuring they are financially viable and deliver value for money. These projects often involve significant infrastructure upgrades, new equipment purchases, and the development of new clinical services. Furthermore, the department supports the Trust’s research and innovation activities, providing financial support and expertise to help bring new treatments and technologies to patients.

The department is staffed by a team of highly skilled and experienced finance professionals, including qualified accountants, financial analysts, and procurement specialists. They work closely with clinicians, managers, and other stakeholders across the Trust to ensure that financial resources are used effectively to deliver high-quality patient care. The department continuously strives to improve its processes and systems, adopting new technologies and best practices to enhance efficiency and effectiveness.